Posted on 04/28/2014 8:42:13 AM PDT by drypowder
POliticians know about ‘tits’ and the sucking thereof. That’s for sure.
Still a good read, even if posted before. She really ought to revise it since #4 about the change of the retirement age goes back to the Reagan administration. Saying “recently” on that change seems a stretch, IMO.
PATTY MYERS in Montana knows very little about SS and how it works. Her ignorance is mind-boggling.
I’m not sure that a lifelong expectation of receiving benefits from a welfare program makes it anything other than a welfare program.
No, it never was. The only thing that ever changed was Federal accounting.
And interest bearing account? What's that mean?
The Reagan/Democrats SS reform deal raised FICA taxes to create an operational surplus so they could spend that $$$, of course the government gave themselves IOUs to cover it.
If the government raises taxes then they will spend it.
Its that simple.
I always ask this first too.
She says what I think.
But, back in 1964 Social security was so solvent it would NEVER need government subsidies!
http://www.socialsecurity.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
AND HERE is where your money went! Read and weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
I only disagree with her on one point.
I think, the Social Security Ponzi scheme would make Madoff BLUSH, not be proud.
Even a pond-scum dirtbag like Madoff has SOME standards.
I’m not sure that a lifelong expectation of receiving benefits from a welfare program makes it anything other than a welfare program.
Social Security is not a welfare program.
For up to the first $100K a every person in America makes , 14% of their income is skimmed right off the top to be put into the Social Security program.
That a person has provided 14% of their income to the Government for their entire working life for a program that promises to provide a retirement income for them and is a realistic expectation that they should receive a return on their “investment”
Several years ago AARP magazine had an article on how the Social Security program was NOT a Ponzi scheme. It went into detail on how a Ponzi scheme worked and showed how they all collapsed. Because Social Security has not collapsed it is not a Ponzi Scheme.
Several pages later there was an article by Jane Bryant Quinn on Social Security and how it worked. Her definition of it’s workings was just like a Ponzi Scheme although she did not say it.
She is on the right track. As I always say these (Simpson, bureaucrats, Congress, judges...) are the smart ones. Remember, they are the ones that got us in this mess. Meanwhile, us dumb ones are to blame by the elite class.
Someone takes that 16% of your pay (don’t forget employer share) for 4 decades, you damn right that person should expect benefits at the end.
Otherwise stop pulling it from their check.
Its only welfare when it is paid out to illegals, and others who never had their paychecks plundered for it.
Very well written and all of it right on. You bet I’ll pass it on.
“That a person has provided 14% of their income to the Government for their entire working life for a program that promises to provide a retirement income for them and is a realistic expectation that they should receive a return on their “investment””
Amen. A person investing this stream of cash, in conservative investments across four and a half decades, should expect about 3 to 4 times the amount of social security payouts.
An investment manager who returned the annuity SS does would be arrested as a thief and would have some explaining to do.
It sucks that they squandered your money, and it also sucks that they are giving my money to you. Sorry, but that's the truth.
And I'm not greedy for stating it. You got screweed, now I'm getting screwed.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.